Annual report - HSE

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5.5 Notes to the consolidated financial statements 5.5.1 Reporting group Consolidated financial statements for the HSE Group are prepared by the controlling company Holding Slovenske elektrarne d.o.o. (hereinafter: ‘the controlling company’). The consolidated financial statements as a part of the Group’s annual report are available at the registered office of the controlling company Koprska ulica 92, Ljubljana. The financial year of the company is equal to the calendar year. The consolidated financial statements for the year ended 31 December 2012 are presented below. 5.5.1.1 The HSE Group companies Companies and groups included in consolidated financial statements of HSE Group Title of the company or group Holding Slovenske elektrarne d.o.o. Dravske elektrarne Maribor d.o.o. Soške elektrarne Nova Gorica d.o.o. Termoelektrarna Šoštanj d.o.o. Skupina Premogovnik Velenje Termoelektrarna Trbovlje d.o.o. Hidroelektrarne na Spodnji Savi d.o.o. Srednjesavske elektrarne d.o.o. HSE Invest d.o.o. HSE Italia S.r.l. HSE Balkan Energy d.o.o. HSE Adria d.o.o. HSE Bulgaria EOOD HSE Mak Energy DOOEL HSE BH d.o.o. Country of residence of the company or group Slovenia Slovenia Slovenia Slovenia Slovenia Slovenia Slovenia Slovenia Slovenia Italy Serbia Croatia Bulgaria Macedonia Bosnia and Herzegovina Prior to the consolidation of the HSE Group, the Premogovnik Velenje Group (hereinafter: ‘the PV Group’) was consolidated. In accordance with the consecutive consolidation method, consolidated financial statements are already prepared at the level of subsidiaries and are then included in the consolidated financial statements of the Group. The consolidated annual report of the PV Group is available at the registered office of the company Premogovnik Velenje d.d., Partizanska cesta 78, Velenje. 5 Financial Report of HSE Group Annual Report HSE 2012 168
Companies included in consolidated financial statements of PV Group Title of the company Premogovnik Velenje d.d. GOST, podjetje za gostinstvo, turizem in trgovino d.o.o. Country of residence of the company Slovenia Slovenia HTZ, Harmonija tehnologije in znanja, invalidsko podjetje d.o.o. PV Invest, Naložbe, urejanje okolja, geodetske storitve d.o.o. PV Center starejših Zimzelen d.o.o. RGP, Rudarski gradbeni programi d.o.o. *GOLTE d.o.o., zimsko letni turistični center Slovenia Slovenia Slovenia Slovenia Slovenia * included in consolidation of the PV Group for the first time In 2012, the subsidiary HSE Hungary was eliminated from consolidated financial reports, as its operations had been terminated based on the voluntary liquidation procedure on 31 August 2012. In the process of consolidation, EUR 1,054,438,348 of long-term investments in subsidiaries were eliminated. The Group subsidiaries Elprom d.o.o., MHE Lobnica d.o.o., Jama Škale v zapiranju d.o.o. and Saša Inkubator d.o.o. are dormant companies and have not been consolidated at the controlling company level or the Group level, due to their immateriality. These companies are not material for a true and fair presentation of the Group’s operations. At the end of 2012, the company TET Novi materiali d.o.o was founded with paid-up share capital of EUR 7,500. The company was entered into the in the Companies Register in January 2013. 5.5.1.2 Associates Associated companies Eldom, družba za storitve in gostinstvo, d.o.o. Erico, inštitut za ekološke raziskave, d.o.o. PLP, lesna industrija, d.o.o. Sipoteh, strojna in proizvodna industrija, d.o.o. Fairwood PV Country of residence of the company Slovenia Slovenia Slovenia Slovenia Singapore 5.5.1.3 Jointly controlled companies Jointly controlled companies Country of residence Co-owner - HSE Group company of the company Soenergetika d.o.o. Slovenia Holding Slovenske elektrarne d.o.o. Annual Report HSE 2012 5 Financial Report of HSE Group 169
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ANNUAL REPORT OF THE COMPANY HSE &
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Contents 7 8 9 10 13 13 14 15 1 Int
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What you see: Downpour What we see:
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1.2 Report of the Supervisory Board
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Other important matters and issues
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1.2.2 Monitoring and supervision of
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1.3 Electricity production and trad
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HSE Group 2012 2011 IND 12 / 11 Net
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1.5 Chronology of important events
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• On 19 October, an agreement on
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management. Immediately after the i
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2.1 Controlling company 2.1.1 Profi
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2.1.3 Management of the controlling
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2.1.4 Corporate governance statemen
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• Supervising the integrity of fi
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HSE Group in western, central and s
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Hydro production Dravske elektrarne
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Srednjesavske elektrarne d.o.o. (SR
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Termoelektrarna Trbovlje d.o.o. (TE
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PV Zimzelen d.o.o. is a retirement
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HSE Adria d.o.o. HSE Adria d.o.o. M
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Investments HSE Invest d.o.o. HSE I
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Regular cooperation with trade unio
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National, European and global frame
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2.5.4 Achieving information securit
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performed with the help of market c
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Slovenian electricity market in 201
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The scope of trading on the Italian
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Long-term contracts and day-ahead m
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Structure of sources The electricit
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2.9 Investments The HSE Group is bo
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At HPP Krško, the following activi
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Most of company’s investments wer
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Debt ratio The debt ratio is an imp
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The value of assets and total equit
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Equity to fixed assets ratio in €
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Debt-to-equity ratio in € 2012 20
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Operating fixed assets rate in €
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Net return on equity ratio (ROE) in
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2.12 Risk management The HSE Group
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2.12.2 Operating risks Market risk
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In 2012, risks were managed with th
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Production management The HSE Group
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Risk of investment activities The k
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2.14 Research and development In 20
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EU level Key activities: • EU Ren
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2 Poslovno poročilo
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3.1 Responsibility to employees In
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Employees and the community Employe
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Number of employees as at 31 Decemb
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certificates on their behalf. In 20
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2 Poslovno poročilo
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4.1 Auditor’s report Annual Repor
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4.2 Statement of management’s res
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4.4 Financial statements 4.4.1 Stat
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4.4.4 Cash flow statement in € An
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4.5 Notes to the financial statemen
Page 118 and 119: 4.5.3 Basis of measurement Company
Page 120 and 121: 4.5.7.2 Property, plant and equipme
Page 122 and 123: 4.5.7.4.2 Non-derivative financial
Page 124 and 125: 4.5.7.7 Equity Total equity of the
Page 126 and 127: Costs of services are historical co
Page 128 and 129: in € Intangible assets Emission c
Page 130 and 131: Investments in subsidiaries (3) in
Page 132 and 133: Significant amounts from statements
Page 134 and 135: Short-term financial receivables fr
Page 136 and 137: Other short-term assets (7) in €
Page 138 and 139: Provisions for termination and jubi
Page 140 and 141: Short-term financial liabilities (1
Page 142 and 143: Other current liabilities (15) in
Page 144 and 145: Costs of goods, materials and servi
Page 146 and 147: Tax (24) The company is subject to
Page 148 and 149: In the reporting period, individual
Page 150 and 151: Receipts of supervisory board membe
Page 152 and 153: in € Changes in allowances for sh
Page 154 and 155: In March 2013, the company TEŠ dre
Page 156 and 157: Sensitivity analysis of cash flow a
Page 158 and 159: 4.5.8.9 Fair values The company est
Page 160 and 161: 5.1 Auditor’s report for HSE Grou
Page 162 and 163: 5.2 Statement of management’s res
Page 164 and 165: 5.4 Consolidated financial statemen
Page 166 and 167: 5.4.4 Consolidated cash flow statem
Page 170 and 171: 5.5.2 Basis for preparation In the
Page 172 and 173: 5.5.4 Currency reports 5.5.4.1 Func
Page 174 and 175: Emission coupons are not amortised,
Page 176 and 177: 5.5.7.5 Long-term investments in as
Page 178 and 179: 5.5.7.7 Inventories Inventories are
Page 180 and 181: 5.5.7.10 Provisions for jubilee and
Page 182 and 183: Write-downs in value include amorti
Page 184 and 185: 5.5.8 Notes to the consolidated fin
Page 186 and 187: Property, plant and equipment (2) i
Page 188 and 189: Other long-term investments and loa
Page 190 and 191: Changes in deferred tax assets in 2
Page 192 and 193: Cash and cash equivalents (8) in
Page 194 and 195: Provisions for legal actions are cr
Page 196 and 197: Long-term operating liabilities to
Page 198 and 199: Considering the increase in assesse
Page 200 and 201: In 2012, the audit of financial sta
Page 202 and 203: Financial expenses (27) Financial e
Page 204 and 205: Considering the abovementioned fact
Page 206 and 207: 5.5.8.8.1 Credit risk Most of the G
Page 208 and 209: Changes in allowances for short-ter
Page 210 and 211: Contracts concluded for currency sw
Page 212 and 213: in € Capital management 31 Decemb
Page 214 and 215: Contacts Holding Slovenske elektrar
Page 216 and 217: HSE BH d.o.o. Bulevar Meše Selimov
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NIP 5 Revised investment programme
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Holding Slovenske elektrarne d.o.o.
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Annual report - HSE

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